Banking & Finance: UK

THE FIRM This banking team enjoys an enviable reputation for its mid-market lender-side practice. The team's wide-ranging client base also encompasses a number of corporate borrowers and private equity sponsors. The London group has recently been bulked up by a number of lateral hires including John Cutler. 

Sources say: "They have a very user-friendly culture – we were very impressed with the depth of talent from partner to trainee level."

KEY INDIVIDUALS John Cutler has a strong lender following and is praised by clients for his "excellent negotiation skills." He has significant experience in leveraged finance and corporate lending. He recently advised Capita Group in relation to new GBP425 million revolving credit facilities, and has worked extensively with HSBC on various debt provisions.

THE FIRM Global titan Allen & Overy maintains its position among the market leaders in high-end banking and finance. The team provides innovative and sophisticated advice in all areas, including domestic and international syndicated lending, infrastructure finance and real estate finance. It has advised on some of the most high-value LBOs in recent times, and acted for bookrunners in relation to a USD45 billion loan facility supporting BHP Billiton's bid for Potash Corporation. Its extensive lender client list is matched by an equally impressive sponsor following, as evidenced by its work for CVC and Charterhouse in relation to EUR785 million debt facilities to support the acquisition of Autobar.

Sources say: "We were very impressed with the creative ideas the team came up with. They work together across the globe using their excellent knowledge of the market to ensure a smooth and seamless transaction." "There is a fluid integration and co-ordination between offices, led by the London group."

KEY INDIVIDUALS Michael Duncan is chairman of the firm's global banking practice and recently acted for HM Treasury on the UK's GBP3.2 billion bilateral loan agreement as part of the Irish bailout. He has also advised BNP Paribas on the refinancing of Statoil ASA's USD2 billion facility.

Stephen Kensell is "at the forefront of a dedicated and strong team," commented one source. His recent work includes advising arrangers in connection with debt refinancing for Wind Telecomunicazioni. Clients say that his "pragmatic approach instils complete confidence." 

Timothy Polglase is a "safe pair of hands" for his clients. He has a long-standing reputation for his expertise in the syndicated loan market and has built up a particularly impressive portfolio of sponsor clients, including CVC and Charterhouse.

George Link offers "commercial and prudent advice," report sources. He has a broad client base including both borrowers and lenders.

David Murray impresses clients with the depth of his experience, as well as his niche expertise in the oil industry.

Trevor Borthwick's clients value his "forthright and direct approach." He continues to advise clients across a broad range of financial transactions, with particular expertise in telecoms and real estate finance.

Simon Roberts' clients say that he brings "technical expertise" to his work, which includes a particular focus on domestic and international finance transactions, real estate finance and acquisition finance. He recently advised Deutsche Bank as lender and facility agent on Doguş Holding's EUR50 million facility agreement and related credit linked note.

Nicholas Clark's reputation continues to grow, with clients praising him for his "very strong negotiation skills." His recent work includes advising JPMorgan and others on the provision of a USD45 billion loan facility to support a bid for Potash Corporation by BHP Billiton.

Since publication, David Murray has retired from this practice.

THE FIRM Despite the challenging financial landscape of recent times, this firm's banking and finance team has remained a key player in the mid to high-end market. Recent lateral hires have bolstered the team and it is recognised for its ability to offer a balanced practice across the board to lender, borrower and sponsor clients. The firm's recent work includes acting for Barclays Bank, Goldman Sachs, Morgan Stanley, RBS and UBS on the GBP2 billion senior staple financing of Wordplay. Clients on the borrower side include Chesnara and the government of Iceland, and the firm is also instructed by sponsors such as Nordic Capital and Blackstone.

Sources say: "As a firm they recognise our needs very well and are always proactive in terms of pushing the boat out. It is these softer skills we really value."

KEY INDIVIDUALS Mark Vickers specialises in domestic and cross-border leveraged finance transactions. Clients value his "excellent technical depth and sound commercial knowledge." On the lenders side, he recently acted for Bank of America Merrill Lynch in connection with an GBP888 million recommended cash offer for Brit Insurance Holdings.

Nigel Ward "brings intellectual problem-solving excellence to any issue," report sources. His high-profile client base includes the government of Iceland, which he recently advised in connection with the reimbursement of savers in Icesave, a branch of Landsbanki.

Helen Burton continues to impress in the leveraged finance market, recently advising Gala Coral in connection with the largest LBO restructuring in 2010. She has also acted for sponsors including Blackstone, which utilised her expertise in relation to the banking aspects of its sale of a stake in Merlin Entertainments.

THE FIRM Baker & McKenzie's global reach is reflected in the banking and finance team's broad client base. Recently it acted for the creditors' steering committee on the restructuring of USD16.7 billion of bank debt. The compact team in London specialises in cross-border acquisitions, particularly LBOs and structured financings. It is appointed to a significant number of banking panels, including Commerzbank, Rabobank and Kleinwort Benson Bank (RHJ International).

Sources say: "Although they are very big, the level of partner engagement is very high. They are always accessible and it is very much a client-focused team."

KEY INDIVIDUALS Bernard Sharp heads the London banking and finance group and is described as "strong with exceptional technical ability." His recent work includes advising EQT Partners on the financing of two significant private equity deals in the Nordic region.

Interviewees praise Frances Okosi's "quick, responsive and client-focused approach." She has particular expertise in export financings and advises a number of financial sponsors and creditor groups.

Nick Tostivin is "excellent to deal with. Clients on both sides enjoy working with him," comments one source. Tostivin has a predominantly lender client base and focuses his expertise on acquisition finance.

THE FIRM This six-partner banking and finance team handles a broad range of work, including acquisition finance, syndicated loans and refinancings, and also has a strong sector focus on real estate finance. It has weathered the economic downturn exceptionally well, as evidenced by the enduring strength of existing client relationships with the likes of Tesco and Merrill Lynch, and by appointments to several new bank panels, including HSBC and Santander.

KEY INDIVIDUALS Andrew Bamber's clients praise him for his "excellent and pragmatic advice." He has particular expertise in the sponsor-led acquisition finance arena, both domestically and internationally, and his long-term clients include House of Fraser and Mitchells & Butlers.

Marc Palley has substantial experience in the areas of syndicated and bilateral loans, as well as property and project finance. Of late, he has advised an investor on a substantial facility from a German mortgage bank.

Emma Howdle-Fuller continues to impress with her work on both the borrower and lender side of deals. She led the team advising Westdeutsche ImmobilienBank on its EUR31 million facility to a Polish SPV.

THE FIRM Bird & Bird is best known for its cross-border work for lenders. The ten-partner team continues to cultivate strong relationships with a number of international development banks, as well as acting for BNP Paribas and the Bank of London and The Middle East. The firm's expertise spans complex finance structures, acquisition finance and syndicated lending, as well as significant sector specialisms in technology and telecoms.

Sources say: "It provides responsive, detailed, thorough advice, delivered with a businesslike approach."

KEY INDIVIDUALS Andrew Hallgarth is "proactive and excellent at negotiating," enthuse clients. He has extensive experience of structuring debt in the CEE and CIS regional markets.

Trystan Tether heads up the London banking and finance group and specialises in project and acquisition finance.

THE FIRM Clients appreciate the high-calibre banking and finance team at Cleary Gottlieb Steen & Hamilton. The partners use their broad experience of various practice areas to offer clients a truly collaborative approach. The firm is best known for its outstanding work with sponsors, and frequently advises on cross-border LBOs, debt buy-backs and exchanges. Recently it has also acted for high-profile borrowers such as ArcelorMittal and Wind Telecomunicazioni.

KEY INDIVIDUALS Andrew Shutter's experience in the sector sees him championed by sources for his "outstanding knowledge of industry trends and precedents." Interviewees also comment that "he really went over and above the stipulated mandate."

Glen Scarcliffe is dual-qualified in England and the USA. He recently acted for UC RUSAL, the world’s largest aluminium and alumina producer, on the restructuring of USD16.8 billion of debt.

THE FIRM The banking and finance team at Clifford Chance continues to provide an outstanding service to its clients across a broad range of matters. With a global presence in this sphere, it is well placed to accommodate the most complex international transactions, a capacity bolstered by its wider strengths in projects, energy and real estate finance. Its international scope continues to grow, with the recent opening of an office in Istanbul. The firm counts Santander, Barclays Capital and BNP Paribas among its lender clients. It recently acted for the sponsors and borrower Montagu Private Equity in relation to a USD125 million acquisition finance deal, and also acted in the refinancing of De Beers. 

Sources say: "They know the market inside out and present us with the solutions rather than the problems." "I am constantly impressed with the consistency of calibre throughout the offices."

KEY INDIVIDUALS Michael Bates is described by sources as "exceptionally able" and "first class." He takes the lead on many of the firm's most prestigious transactions, including the GBP3.4 billion refinancing of De Beers. His substantial experience extends to management buyouts, corporate restructuring and tax.

Mark Campbell has particular strength in the leveraged financing and syndicated loan space, having recently advised Deutsche Bank and RBS in connection with a USD6 billion syndicated revolving credit facility provided to Rio Tinto Finance plc and Rio Tinto Finance Ltd.

Charles Cochrane's clients praise his "outstanding intellect." He is a strong presence in the London market and remains active in the acquisition finance space.

Alan Inglis continues to be involved in high-profile work, including recent advice to EQT on financing for its acquisition of Springer Science + Business Media, which it purchased in tandem with fellow private equity firm GIC. The total deal value was around EUR2.3 billion.

James Johnson's experience in the finance sector is noted by sources, who describe him as "efficient, commercial and committed." He frequently acts on the lender side of transactions. Recent work highlights include acting for the lenders Citi, Credit Suisse and JPMorgan in connection with a EUR1.7 billion revolving credit and high-yield bond financing for Ardagh Glass's acquisition of Impress.

Jim MacHale is commended by clients for his "pragmatic approach." He has a pan-European presence in the banking sphere. His recent workload has included advising Thai Union Frozen Products on financing for its EUR680 million acquisition of MW Brands, a tuna products company, from Trilantic Capital Partners.

James Butters is well known both domestically and internationally for his work in the areas of complex debt and acquisition finance.

Robert Lee is co-head of London's finance team. He frequently advises corporate borrowers and venture capital houses.

Roderick McGillivray has had an active year, which has included advising DSI International and Anheuser-Busch InBev. A significant portion of his work is derived from the retail and healthcare sectors.

Malcolm Sweeting is recognised for his considerable experience in both domestic and global finance matters.

THE FIRM  CMS maintains a strong reputation for its work for both borrowers and lenders in mid-market leveraged finance transactions. The eight-partner team has successfully accommodated the increased demand for restructuring resulting from the economic downturn, while its regular workload also includes club loans and acquisition finance. Clients include RBS, HSBC and National Australia Bank.

Sources say: "Cameron's team have yet to be beaten for a 100% professional service."

KEY INDIVIDUALS John Naccarato is praised for his broad expertise in the banking and finance market. He has an especially good reputation in corporate restructuring, as well as property and development finance. He recently advised Enterprise Inns in connection with the negotiation of the terms of its GBP625 million forward start facility.

THE FIRM SNR Denton advises a strong lender client base on mid-market syndicated lending, leveraged finance, corporate restructuring and acquisition finance. With a global presence and close relationships with associate and alliance firms around the world, the team offers a truly integrated approach to cross-border transactions. It is appointed to numerous bank panels, and has been advising a syndicate of around 50 banks – with Standard Chartered Bank acting as the agent – on a USD1 billion loan to Turkiye Garanti Bankasi in Turkey. Other clients include HSBC, Lloyds Banking Group and Burdale Group.

KEY INDIVIDUALS Isaac Felberbaum specialises in corporate and syndicated lending. He led the team in advising a syndicate of approximately 50 banks on a USD1 billion loan to Turkiye Garanti Bankasi.

Catherine Astruc "translates legal aspects into commercial language." She has extensive experience in restructuring, acquisition finance and corporate lending. Sources compliment her "robust negotiation style."

THE FIRM DLA Piper is highly respected for its lender-side work. The five-partner banking and finance group is experienced in cross-border mid-market transactions and handles a broad range of work, including acquisition finance, refinancings and debt restructuring. As well as acting for the likes of Barclays, HSBC and Rabobank, the firm has developed its borrower and sponsor-side offering, counting AXA Private Equity and The Carlyle Group among its clients.

Sources say: "They demonstrate very strong commerciality, which means deals tend to run very smoothly, and the partners are always very visible during transactions."

KEY INDIVIDUALS Philip Butler moves up the rankings this year after clients praised him for his "pragmatic and user-friendly" style. He specialises in corporate banking with a particular focus on leveraged finance transactions.

David Miles' clients benefit from his ability to anticipate all angles of a transaction, and he has substantial experience of acting for corporate lenders, borrowers and sponsors. His recent work includes advising a club of five banks with regard to LBO facilities to fund Advent's acquisition of DFS.

THE FIRM Freshfields maintains its significant global presence on banking and finance matters, and is noted for its provision of innovative solutions in complex cross-border transactions. The team advises borrowers and lenders on general bank lending, structured finance and acquisition finance, and has particular strength in mid to high-end corporate matters, according to sources. Recent lender work has included advising ING, Babson, ECM and Harbourmaster on the restructuring of the Panrico group.

Sources say: "A well-informed and commercial group, which demonstrates top-to-bottom quality."

KEY INDIVIDUALS Edward Evans is noted for his focus on the energy, oil and gas sectors. He is well versed in international financial transactions.

Sean Pierce recently advised Avis Europe on the refinancing of an existing credit facility. His expertise covers restructurings, acquisitions and leveraged financings. "He would be on my banking dream team," said one interviewee.

THE FIRM Herbert Smith's banking and finance team offers balanced lender and borrower expertise. The firm has invested in its existing relationships, as evidenced by its reappointment to numerous banking panels. It also handles financial matters for a significant number of FTSE 100 companies. Clients value the firm's global resources. The team is particularly respected for its energy and project work, and was perfectly equipped to advise BNP Paribas and Standard Chartered Bank on the USD3 billion refinancing of BP following the Gulf of Mexico disaster. It also acted for Northern Foods on its cross-border merger with Greencore, in the first financing to take place under the EU Cross-Border Merger Directive.

Sources say: "They have a significant international presence with excellent partner involvement in respective geographies."

KEY INDIVIDUALS Malcolm Hitching is the global head of finance and specialises in corporate banking transactions. Interviewees describe him as "incredibly bright, pragmatic and reliable. He is able to think his way around any problem."

Christopher Fanner's clients consider him to be "trustworthy and responsive." Another source adds: "You can rely on him to stand firm in negotiations." He has particular strengths in leveraged and general loan financing, and recently advised Credit Suisse, JPMorgan Cazenove and HSBC on the provision of GBP5.4 billion of debt funding to support Prudential's bid for AIA.

Ian Yeo continues to have a solid reputation in acquisition finance and the emerging markets. He led on the Northern Foods merger mentioned above.

Since publication, Christopher Fanner has joined SJ Berwin LLP

THE FIRM With broad international presence and considerable resources in its London office, Hogan Lovells is well placed to serve a range of lender and borrower clients. The banking and finance team handles a wide range of work, from general syndicated lending and refinancing to the more specific areas of trade finance and projects. Its lender clients include Ares Capital Europe, Citi and Deutsche Bank, whilst on the borrower side it acts for Jaguar Land Rover and Kuwait Energy.

Sources say: "We appreciate the collegiate and supportive atmosphere."

KEY INDIVIDUALS Matthew Cottis is the head of the UK banking practice and "has an enormous amount of experience and gravitas," according to sources. He is particularly active in acquisition finance and recently acted for Babson Capital Europe with regard to the acquisition of leading German healthcare provider GHD Gesundheits GmbH Deutschland.

Penny Angell's "extremely commercial and client-friendly" approach elicits much praise from sources. She has developed a strong relationship with the Royal Bank of Canada, which she recently advised on a substantial leveraged finance matter.

Stuart Brinkworth moves up in the rankings after sources enthused about his "energetic and engaging" demeanour. He advises on complex UK and international leveraged finance transactions, as well as providing specialist expertise in both investment grade and non-investment grade lending.

Paul Mullen is also a star on the rise, instilling confidence in his clients with his ability to "remain very calm under pressure." His balanced client base is demonstrated by the significant amount of work he has handled for Ares Capital Europe on the lender side, while also acting for Actis on the borrower side.

Andrew Gamble recently advised Deutsche Bank on the provision of a multi-jurisdictional borrowing base facility for Nyrstar. He is also recognised for his considerable expertise in the Russian market.

Colin Craik concentrates on cross-border corporate finance transactions, and enjoys strong relationships with borrowers, including the Saudi Arabian public holding company Kingdom Holding.

THE FIRM Kirkland & Ellis is a leading firm when it comes to advising sponsors on acquisition funding, distressed investments and leveraged finance matters. Despite the challenging financial climate, the team has seen a healthy mix of work, including reorganising existing debt and new money transactions. It recently advised Bain Capital and Advent International on their successful GBP2 billion bid to acquire RBS WorldPay, which was one of the largest LBOs since the recent financial downturn.

KEY INDIVIDUALS John Markland co-heads the firm's European debt finance team. "He gives you the impression that he only ever thinks about your organisation," enthused one interviewee. Ever prominent on the European finance stage, Markland recently acted on the highly complex restructuring of Jost Gruppe and also counts Mid Europa Partners and Sankaty Advisors among his clients.

Stephen Gillespie is senior partner in the European debt finance team. He has substantial experience of acting for sponsors and financial institutions on cross-border leveraged transactions and acquisitions, including recent advice to Bain Capital and Advent International on their successful GBP2 billion bid to acquire RBS WorldPay. Sources repeatedly praise him for his outstanding commercial acumen.

Philip Crump "can look at something quickly and produce advice that is absolutely on the money," say sources. With a loyal sponsor and hedge fund client following, he has developed a fantastic reputation in the area of multi-jurisdictional LBOs.

THE FIRM Latham & Watkins has established itself as one of the most sought-after names when it comes to complex mid and high-end multi-jurisdictional transactions. The banking and finance team advises a broad range of lender, borrower and sponsor clients on bank finance, high-yield bonds and restructurings. This combination of a market-leading finance practice and considerable bond expertise has enabled it to accommodate the demand for sophisticated and innovative solutions in a reluctant lending market. Examples of this hybrid financing include advising co-investors with regard to a USD2.3 billion term loan and revolving credit facility and USD1.15 billion secured bond offering to fund the acquisition of Tomkins. 

Sources say: "They know the market inside out."

KEY INDIVIDUALS The "immensely talented" Christopher Kandel has amassed an impressive wealth of experience in complex international acquisitions and leveraged finance transactions. Recent work highlights include representing Deutsche Bank as the mandated lead arranger on the provision of a USD1.4 billion secured credit facility for the subsidiary of a leading international telecommunications company. Clients appreciate his considerable experience in handling finance matters under both England & Wales and US law.

James Chesterman advises on a wide range of leveraged acquisition finance, asset-based lending and general private equity transactions. In recent work highlights he has acted for Barclays Capital, JPMorgan, BNP Paribas, Natixis and Crédit Agricole in connection with a EUR220 million revolving credit facility and EUR400 million Senior Secured Notes for Hertz Holdings Netherlands.

Dominic Newcomb advises both lenders and borrowers on domestic and multi-jurisdictional financing and restructuring. Clients appreciate his "creative and thorough" approach. He recently advised Onex and the Canadian Pension Plan Investment Board as co-investors in the LBO of Tomkins, which involved a USD2.3 billion term loan and revolving credit facility, and a USD1.15 billion secured bond offering.

THE FIRM Linklaters is at the forefront of global high-end financial transactions. The team has a formidable reputation for its advice on leveraged finance, investment grade acquisitions, syndicated lending and combined high-yield bond and loan deals. Despite difficult market conditions, the banking and finance team has continued to expand with the arrival of lateral hires, including leveraged finance and restructurings specialist Chris Howard from Freshfields. The firm also lost leading practitioner Stephen Lucas to Weil, Gotshal & Manges in August 2011. Linklaters is well positioned to accommodate the increasing popularity of high-yield bonds as a component of restructuring finance, a capability demonstrated in its advice to Almatis with regard to its USD715 million cross-border financial restructuring. It has also been highly active in the emerging markets, with work including handling four loan facilities for Coca-Cola and its subsidiaries throughout Jordan, Kazakhstan and the Netherlands. Its prestigious client base also includes BNP Paribas, De Beers and numerous major banks.

Sources say: "On a global scale they have incredible knowledge of local practices and laws, and excellent relationships with local lawyers. They are our trusted external counsel." "They stand out amongst the other heavyweights for their consistency around the globe."

KEY INDIVIDUALS Chris Howard is a "class act," say sources. He is a key player in the domestic and international leveraged financing and financial restructuring market, and is recognised as an expert in US matters, having qualified in New York as well as England & Wales. Clients are delighted by his "superb, creative and forceful" approach.

Gideon Moore is singled out for his commerciality and market knowledge. He has an excellent reputation in the area of corporate lending and co-heads the leveraged finance department alongside Nick Syson, who is similarly commended for his "incredible commercial mind." Syson is a key contact for several banks, and recently advised the mandated lead arrangers in connection with Lion Capital's USD1.5 billion acquisition of Picard Groupe.

Brian Gray concentrates on leveraged finance and acquisitions. He elicits praise for his proactive and commercial approach.

David Ereira has considerable expertise in the fields of real estate finance and acquisition finance. His counsel is sought after by lenders, corporate borrowers and government divisions.

Adam Freeman recently advised the lenders in the EUR800 million acquisition of Findus by Birds Eye and Permira. He currently focuses much of his time on restructurings.

Philip Spittal is active in both the UK and international finance market. He is lauded for his extensive experience in the refinancing and restructuring spaces, and recently negotiated a EUR1.75 billion revolving credit facility for Carlsberg.

Stuart Thomas handles acquisition finance, syndicated and bilateral banking facilities, and secured and structured financings. His recent work highlights include advising Rio Tinto on USD6 billion of revolving credit facilities, and acting for Middle Eastern telecoms company Zain on the USD10.7 billion sale of its African business to Bharti Airtel.

The "pragmatic and considered" Jeremy Stokeld advised De Beers in connection with a refinancing.

THE FIRM Macfarlanes' banking and finance team is able to advise clients on all sides of financial transactions. It typically operates in the mid-market space, attracting a diverse range of clients, from private equity houses to banks and corporate borrowers. The team has also developed a strong specialist funds lending practice and consequently advises on some of the market's most complex fund financing transactions. On the lender side, it recently advised Haymarket Financial, Macquarie Bank and Lloyds Banking Group on the senior financing of HG Capital's buyout of JLA Group. Borrower clients include J D Wetherspoon.

Sources say: "You get a lot of partner time in this firm. The client relationships are obviously very important to them."

KEY INDIVIDUALS Julian Howard heads up the banking and finance group and is described as "a very considerate individual with a good deal of commercial nous." He acts for both lenders and borrowers on all manner of refinancing and restructuring matters.

Bronwen Jones is singled out for her "quality, consistency and responsiveness." She specialises in debt finance transactions with national and international elements, and recently advised iSoft with regard to the restructuring of its GBP160 million debt facilities. This multi-jurisdictional deal stretched across the UK, Ireland, Singapore, Spain, the Netherlands, Germany, Australia and New Zealand.

THE FIRM Despite widely publicised departures from its UK office, Mayer Brown remains a force to be reckoned with on domestic and cross-border financial transactions, and it has a particularly strong presence in the asset-based lending space. The firm is also well positioned to accommodate an increase in hybrid debt/high-yield bond financing. It is appointed to a number of bank panels, as well as acting for clients on the borrower side. The team recently advised Trafigura Beheer in relation to a USD2.3 billion multi-tranche syndicated loan facility.

KEY INDIVIDUALS Nigel White is a key contact.

THE FIRM The banking and finance team at Milbank offers clients a truly integrated approach to complex multi-jurisdictional acquisitions, refinancings and restructurings. Despite the subdued market, the compact group has been involved in some of the most complex recent mandates, including advising ProSiebenSat.1 Media AG on its EUR4.2 billion facilities agreement, which is one of Europe's largest leveraged loans to date.

Sources say: "They identify and resolve the issues with laser-like intensity." 

KEY INDIVIDUALS Practice head Suhrud Mehta's "analytical prowess" wins him high praise amongst sources, who are also keen to comment on his "extremely responsive and efficient approach." He led the team advising Bharti Airtel in relation to its USD10.7 billion acquisition of the Zain Group’s mobile operations in 15 African jurisdictions.

THE FIRM Norton Rose's 47-partner team has an excellent reputation in acquisition finance, syndicated loans and restructuring, as well as exceptional strength in more specialised areas such as asset, project and real estate finance. The firm acts for a significant number of top banks and sits on the panels of many other financial institutions. Its global network enables it to advise on complex cross-border transactions, and its recent work has included advising Standard Bank, the Industrial and Commercial Bank of China and a syndicate of 15 Nigerian banks on medium-term financing provided to MTN Nigeria Communications. New panel appointments include Czech Export Bank, DVB Bank and Grupo Santander.

KEY INDIVIDUALS Michael Ings specialises in communications, media and technology financing, acquisition finance and restructurings. Clients appreciate his negotiation style and affinity with their specific business requirements.

THE FIRM Ropes & Gray's standing in the global financial market is recognised by both peers and clients. Sources appreciate the sector integration within the firm, particularly in the areas of natural resources and telecoms. The team advises a broad client base on all manner of financial transactions, including leveraged and investment grade finance, and acquisition finance.

KEY INDIVIDUALS Maurice Allen is a key contact.

THE FIRM Shearman & Sterling's banking practice has gone from strength to strength in spite of the financial downturn. Clients benefit from the eight-partner team's substantial experience in multinational restructurings, acquisition finance and structured finance, and it is increasingly sought after for its high-yield bond expertise. Its multi-jurisdictional capability is supported by the cohesive relationship between its offices around the globe. It recently advised a club including Credit Suisse and Citi on the EUR1.6 billion acquisition of Picard by Lion Capital. On the borrower side, clients include Ardagh Glass Group and Cinven Investcorp.

Sources say: "They have been outstanding at empathising with our business approach and have made a point of understanding the intricacies of our company." "For me they are a safe pair of hands. I trust them implicitly and have full confidence that their expertise will mean I am not left open to risk."

KEY INDIVIDUALS Anthony Ward "is a fair-handed and measured man with a great ability to analyse a complex transaction in its entirety," enthuse sources. He is recognised as a titan in the acquisition, restructuring and refinancing world, and recently advised Barclays Capital and JPMorgan on the EUR5.5 billion refinancing of the INEOS Group.

THE FIRM When it comes to advising sponsors on European leveraged finance matters, distressed investments and bond finance, the team at Simpson Thacher & Bartlett has one of the best reputations in the market. It also offers clients an innovative approach to structured finance, and advises private equity houses and portfolio companies in this area.

Sources say: "The breadth of the practice gives us complete confidence."

KEY INDIVIDUALS Stephen Short advises on all types of leveraged finance transactions. He represented the arrangers, led by BNP Paribas, JPMorgan and a consortium of other banks, in connection with a EUR60 million revolving credit facility for CET 21.

Nicholas Shaw concentrates on representing private equity sponsors with regard to high-yield bond work and acquisition finance.

THE FIRM The nine-partner banking and finance team at SJ Berwin is recognised for its substantial experience in advising both borrowers and lenders on distressed debt restructuring. In addition to its expertise in this area it has acted on a number of innovative structured financings, acquisitions and alternative financings involving the use of high-yield bonds as an alternative to bank debt. It is a key player in the mid-market and has a substantial client base, which includes Landsbanki, Barclays Bank and Prestbury Group.

KEY INDIVIDUALS Jeremy Cross is a key contact.

THE FIRM This US law firm demonstrates exceptional expertise in acting for sponsor clients on a range of financial transactions, including acquisition financings, restructuring and refinancings. The firm acts for a wide range of clients across the UK and the rest of Europe, including Doughty Hanson, Weather Investments and Credit Suisse.

Sources say: "They provide us with creative solutions to difficult problems." 

KEY INDIVIDUALS Clive Wells's clients appreciate his ability to navigate them through complex and stressful situations. He demonstrates particular skill in the area of acquisition finance, both in the UK and internationally. Recent work highlights include acting in concert with the firm's Moscow office to advise Luxembourg steel company Evraz Group on the restructuring of over USD10 billion in bank loans and public debt securities.

Mark Darley is co-head of the global banking practice and is repeatedly praised for his ability to "adapt to specific and specialist client needs." He acts for a broad client base of private equity houses, banks and corporates. He recently worked alongside lawyers in the firm's Frankfurt and Munich offices to advise TeleColumbus on the restructuring of its debt facilities.

THE FIRM The banking and finance team at Slaughter and May has established a very strong reputation for providing clients with innovative solutions to complex cross-border financial transactions. While it retains China Construction Bank and Qatar National Bank as clients, the firm receives greatest recognition for its borrower-side work. It has advised on several high-profile acquisitions of late, including Resolution’s acquisition of AXA’s UK Life business. Other clients include Prudential, BHP Billiton and the Board of Liverpool Football Club.

Sources say: "If we have something urgent then they have the manpower." "They have a very good understanding of our business."

KEY INDIVIDUALS Philip Snell is lauded for his practical approach and drive. He leads the acquisition finance practice at the firm, and counts Premier Oil and Songbird Estates among his clients.

George Seligman's extensive experience in the financial sector sees him sought out by governmental departments to advise upon financial distress. He recently advised the Ministry of Finance of the Republic of Greece on EUR80 billion in loans to Greece by other EU member states.

Since publication, George Seligman has retired from this practice.

THE FIRM Travers Smith is a key player when it comes to mid-market refinancings, acquisitions and distressed debt situations. The eight-partner team acts for parties on all sides of the table, but receives most praise for its work with private equity groups. The firm recently advised Bridgepoint Development Capital, a long-established client, on the financing of the acquisition of Lumison. The firm also acts for Lloyds Banking Group, the Trustees of the Greenalls Pension Scheme and Intermediate Capital Group.

Sources say: "They are all about the client relationship. They understand the way we think and have taken the time to get to know us. It feels like it's more than just a day job."

KEY INDIVIDUALS Jeremy Walsh is the head of the department and specialises in acquisition finance and restructuring. Clients value his breadth of experience. His recent work includes advising Exponent Private Equity and Ambassador Theatre Group on the secured refinancing of Ambassador Theatre Group.

THE FIRM Weil, Gotshal & Manges advises on a broad range of complex multi-jurisdictional leveraged transactions, including acquisitions, restructurings and securitisations. The firm has an enviable global spread and is able to capitalise on its strong US presence, making it a go-to for hybrid debt and high-yield bond financing. It has long-standing relationships with leading private equity houses, including Lion Capital and Advent International. Over the last year it has acted for HgCapital on two European acquisitions in the Swedish healthcare and UK corporate service industries.

Sources say: "Their commercial approach makes them stand out. They have a hunger for the deals and are very accurate when it comes to assessing the risks."

KEY INDIVIDUALS Stephen Lucas is acknowledged by clients as being the "best in the market." He joined the firm from Linklaters in August 2011. Admired for his tenacity in deal making, "he will always go the extra mile for clients."

THE FIRM White & Case has an enduring and enviable reputation in the international finance market. Sought after for its broad range of expertise, the firm offers clients a pragmatic approach to complex multi-jurisdictional transactions involving syndicated lending, refinancing and investment grade finance. It has an increasingly strong reputation for work in the emerging markets, as evidenced by its recent involvement in the restructuring of BTA Bank's USD16.65 billion debt. Other clients include Credit Suisse, Deutsche Bank and Weather Group.

Sources say: "They don't sit on the fence. If you have a question, they will come out with a timely, definitive answer. They are always very transparent with us."

KEY INDIVIDUALS Barbara Choi recently advised Gazprombank in connection with a USD900 million syndicated financing. Clients repeatedly praise her excellent market knowledge and easy manner.

Head of the practice Magdalene Bayim-Adomako specialises in acquisition finance, trade and commodities, and structured receivables. Sources appreciate her "attentive and thorough" attitude. She recently advised China Development Bank and Banco Espírito Santo as global co-ordinators and bookrunners of a USD1.5 billion loan for the Venezuela state-owned Petreleos De Venezuela.

Jacqueline Evans recently joined the firm from Mayer Brown International. She is noted for her expertise in the LBO finance arena.

Christopher Czarnocki is "very commercial, committed and responsive," according to interviewees. He concentrates on the emerging markets, particularly in the structured products arena.